aibioInventiva says cash covers operations to end of Q2 2027 after June financings
Tickers IVA
Inventiva reported preliminary first-half 2026 figures showing €166.1 million in cash and €67.8 million in short-term deposits. The company says current cash does not cover operations for the next 12 months.
Key facts
- Company
- Inventiva SA (EURONEXT: IVA)
- News type
- Financings
- Primary source
- Inventiva SA 6-K (2026-07-29)
Inventiva (Euronext Paris and Nasdaq: IVA) reported preliminary, unaudited financial results for the first half of 2026 on July 29, 2026 in a press release furnished on Form 6-K. At June 30, 2026 it held €166.1 million of cash and cash equivalents and €67.8 million in short-term deposits. At December 31, 2025 the figures were €99.3 million and €131.6 million. The release warns that the reviewed figures may differ.
The June transactions
The cash position reflects what the company calls a comprehensive capital structure change announced on June 2, 2026. It included an Equity Offering of €103 million and a Debt Financing Transaction of €75 million. Those inflows were partly offset by the full repayment of the existing EIB loan, an aggregate €62 million, and the repurchase of the Legacy EIB Tranche A warrants and 700,000 of the Legacy EIB Tranche B warrants for an aggregate €50 million.
The release refers readers to its press releases of June 2 and June 12, 2026 for detail. It does not name the underwriters, placement agents, lenders or advisors on any of these transactions, so the names of the banks and lenders are not in this filing.
Cash burn and the first half
Net cash used in operating activities was €48.7 million in the first half of 2026, against €53.7 million a year earlier. The release attributes the lower outflow mainly to a €8.8 million working capital change, which partly offset higher operating costs from the NATiV3 Phase 3 trial and preparations for pre-commercial activity. Research and development expenses rose to €50.1 million from €44.9 million.
Financing inflows were €50.9 million, down from €104.8 million in the first half of 2025, when the company received gross proceeds of €115.6 million from the second tranche of its structured financing. Investing activities brought in €63.9 million, mostly from new short-term deposit subscriptions after the June transactions.
The company recorded no revenue in the first half of 2026, against €4.5 million in the same period of 2025.
What the runway depends on
Inventiva expects to fund operations as currently planned until the end of the second quarter of 2027. That estimate is based on existing cash and deposits plus the net proceeds from the completed Equity Offering, the completed EIB transactions and the Tranches A and B of the Debt Financing Transaction. The company also states that its current cash and cash equivalents are not sufficient to cover operating needs as planned for the next 12 months.
The runway extends only if two further steps happen. The first is Tranche C of the debt financing, for potential proceeds of up to €20.0 million. The second is the exercise in full of the Tranche 3 warrants issued in the Structured Financing, for potential proceeds of up to €116.0 million. In that case the company says its runway extends to the start of the first quarter of 2028. Warrant exercise is the holder's choice, so the larger of the two steps is not in the company's control.
The release's risk language is blunt. It says that without additional capital the company may be required to curtail, delay or discontinue programs, and that it may be unable to continue as a going concern.
The program behind the spending
Inventiva is a clinical-stage company with no approved products. Its 20-F describes lanifibranor, a pan-PPAR agonist, as its only focus, in the NATiV3 pivotal Phase 3 trial for MASH, a liver disease that the filing says affects 2% to 6% of the US adult population. The company says research unrelated to lanifibranor has been discontinued since June 2025, under the 2025 Pipeline Prioritization Plan, and calls lanifibranor its only product candidate in development.
The efficacy evidence is from a Phase 2b trial, NATIVE, reported in June 2020. At 1,200 mg the drug met the primary endpoint of reduced inflammation and ballooning with no worsening of fibrosis after 24 weeks. The FDA granted Breakthrough Therapy Designation in October 2020. Those results are years old, and the pivotal Phase 3 trial is still being run.
The next scheduled results release for the first half of 2026 is set for September 25, 2026, after the US market close.